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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link=blue vlink=purple><div class=WordSection1><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'>Everyone,<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'>I have a question.<o:p></o:p></span></p><p class=MsoNormal><b><span style='font-size:11.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'>Background</span></b><span style='font-size:11.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'>: <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'>Husband and Wife(the client) own as tenants-by-the-entireties their primary residence appraised at $1,000,000 but saddled with 2 mortgages amounting to $1,500,000. Husband only has declared bankruptcy. Husband will not sign a listing agreement or take any steps to sell the home [Reason: Until a writ of possession is tacked on the front door, he is living ‘rent free’ in the home.] I assume that with $500,000 negative equity, the trustee will abandon the asset (Husband’s one-half undivided interest in the home) as the asset has no value. The Wife (client) wants the house sold through a short sale acceptable to the lenders which would avoid foreclosure and bankruptcy for the wife. <o:p></o:p></span></p><p class=MsoNormal><b><span style='font-size:11.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'>Question</span></b><span style='font-size:11.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'>:<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'>What, if anything, prevents the Trustee from selling the husband’s interest in the home to the wife for a nominal sum ($100 or $1,000) so she can sell the home)?<o:p></o:p></span></p><p class=MsoNormal><i><span style='font-size:11.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'>Thanks.<o:p></o:p></span></i></p><p class=MsoNormal><i><span style='font-size:9.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'>This request for comment is really not a construction law issue so please, click “Forward” and email your comments direct to me at <a href="mailto:dick@burt-burt.com">dick@burt-burt.com</a>. <o:p></o:p></span></i></p><p class=MsoNormal><i><span style='font-size:11.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'>Again, thanks. <o:p></o:p></span></i></p><p class=MsoNormal><i><span style='font-size:11.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'>Dick</span></i><span style='font-size:11.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt'><span style='font-size:10.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'>Richard A. Burt, Esq.</span><span style='font-size:11.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt'><span style='font-size:10.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'>BURT & BURT</span><span style='font-size:11.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt'><span style='font-size:10.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'>220 So. Ridgewood Avenue </span><span style='font-size:11.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt'><span style='font-size:10.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'>Suite 200 </span><span style='font-size:11.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt'><span style='font-size:10.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'>Daytona Beach, Florida 32114</span><span style='font-size:11.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt'><span style='font-size:10.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'>(386) 252-2090 (office)</span><span style='font-size:11.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt'><span style='font-size:10.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'>(866) 240-7043 (facsimile) </span><span style='font-size:11.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt'><span style='font-size:10.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'><a href="mailto:dick@burt-burt.com"><span style='color:blue'>dick@burt-burt.com</span></a></span><span style='font-size:11.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt'><span style='font-size:10.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'><a href="http://www.burt-burt.com/"><span style='color:blue'>www.burt-burt.com</span></a></span><span style='font-size:11.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt'><span style='font-size:11.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'> <o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt'><span style='font-size:10.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'>The information contained in this email is confidential; it is intended only for the use of the person or entity named above. If the reader of this message is not the intended recipient, any dissemination, distribution or use of this information is strictly prohibited. If you have received this communication in error, please contact us immediately by telephone or email. Although this email is believed to be free of any virus or other defect that might affect any computer system in which it is received, it is the responsibility of the recipient to ensure that it is virus free.</span><span style='font-size:11.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt'><span style='font-size:11.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'> </span><span style='font-size:11.0pt;color:windowtext'><o:p></o:p></span></p><p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt'><span style='font-size:11.0pt;color:windowtext'> </span><span style='font-size:11.0pt;color:windowtext'><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'><o:p> </o:p></span></p><p class=MsoNormal><i><span style='font-size:11.0pt;font-family:"Century Gothic","sans-serif";color:windowtext'><o:p> </o:p></span></i></p></div></body></html>